Markets Right Now: Banks lead US market indexes lower

AP News
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Posted: Mar 21, 2017 11:59 AM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

11:45 a.m.

The stock market is on track for its biggest loss so far this year as banks and industrial companies move sharply lower.

Major banks were sinking along with bond yields in midday trading Tuesday. Lower yields mean lower interest rates on mortgages and other kinds of loans, which makes lending money less profitable.

Bank of America dropped 4.5 percent and KeyCorp fell 4.2 percent.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.43 percent.

The Standard & Poor's 500 index fell 18 points, or 0.8 percent, to 2,355.

The Dow Jones industrial average lost 149 points, or 0.7 percent, to 20,756. The Nasdaq composite dropped 63 points, or 1.1 percent, to 5,837.

Small-company stocks and transportation companies fell more than the rest of the market.

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9:35 a.m.

Technology companies are leading stocks slightly higher in early trading on Wall Street.

Apple and Microsoft each rose about 1 percent in the first few minutes of trading Tuesday. Apple announced an update to its iPad tablet and a lower price.

The gains were broad. All 11 industry sectors in the Standard & Poor's 500 index rose. In addition to tech, health care and energy companies were also doing better than the rest of the market.

The S&P 500 was up 7 points, or 0.3 percent, to end at 2,380.

The Dow Jones industrial average rose 56 points, or 0.3 percent, to 20,962. The Nasdaq composite gained 23 points, or 0.4 percent, to 5,924.